7 keys to becoming a business superstar

May. 17, 2012 07:19 AM

Some businesses -- and business owners -- just seem irresistible. They're the ones earning the highest fees who rarely seem to go searching for clients and customers because clients come to them. How does this happen?

It's not an isolated phenomenon. These kinds of "bankable" businesses exist in almost every industry, says Andrew Sobel, co-author with Jerold Panas of "Power Questions: Build Relationships, Win New Business and Influence Others." But business superstars aren't born; they're usually self-made. Here are seven keys that can unlock the hidden superstar in any entrepreneur:

Deliver something great, over and over. You have to build your reputation for delivering results consistently, year after year. Entrepreneurs who keep on delivering gain trust and become more "bankable."

Have a high-powered value proposition. It's vital that you clearly articulate why customers should come to you above everyone else. What unique value do you and your business offer? Businesses that don't have a unique value proposition are just a commodity.

Be the one asking the questions. Here's a good test of where you stand: When you talk to potential clients, are they the ones asking all the questions; grilling you on your credentials? Or do you also tactfully test them for suitability as your clients? When you're the one asking the thought-provoking, idea-inducing questions, people take notice.

Be an industry thought leader. These days, you don't have to write a bestselling book to be seen as a thought leader. It starts by having deep focus and an abiding curiosity to learn everything there is to know about your industry. Then, start passing along that knowledge, by blogging, speaking, consulting, writing articles for industry publications and participating in social media. You need to be out there daily.

Create a powerful name or brand. In short, you need to become well known. That doesn't mean worldwide. It might just be in your community or other limited sphere of influence -- in your particular niche, marketplace or geographic area. When you are a known name in your specialty, customers think of you when they need something. No matter how known or unknown you are now, plan one activity monthly that will increase your name recognition in some way.

Evaluate your scale and select clients carefully. Superstars are scarce and should command the higher fees or prices. Think about how your business model scales. Can you afford to work for or sell to everyone? Sometimes trying to sell at larger scale only ends up diluting your personal or business brand and your ability to deliver quality goods or services. Business superstars know they can't -- and shouldn't -- spread themselves too thin.

Price like a superstar. While you have to achieve at least a semblance of star status before you can charge premium rates, there's actually more to it.

"Research has demonstrated that high prices lead to high perceived value," says Sobel. "Most people think it's the other way around -- that if you deliver high value, only then can you get high fees." As you become more and more bankable, you enter a virtuous circle of ever-higher perceived value -- and fees. Customers know that hiring you lowers their risk, and that's worth paying for.